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30 Dec 2019 11:05
Randall & Quilter Investment Holdings Ltd.
Acquisition of Barbados Insurer
30 December 2019
Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce that its wholly owned subsidiary R&Q Re (Bermuda) Limited has completed the acquisition of the Barbados insurer, Distinguished Re Ltd. ("Distinguished Re"), formerly known as the Saranac Insurance Company, Ltd., a wholly owned subsidiary of Distinguished LLC.
Distinguished Re participated as a reinsurer of the capacity providers on business written through its sister company, Distinguished Programs, a national insurance programme manager that provides specialized Insurance Programs to brokers and agents with specific expertise in Real Estate, Community Associations, Cultural Institutions and Hospitality & Restaurants.
Distinguished Re had net technical reserves of $19.3m following completion. The cash consideration payable at closing by R&Q is $1. This represents a discount to Distinguished Re's net assets which, following completion were $0.6m. In the year to 31 December 2018, Distinguished Re recorded a loss of $3.4m.
Roger Sellek, Joint Chief Executive Officer of R&Q, commented: "We are pleased to have completed the acquisition of Distinguished Re, providing full finality for the parent Distinguished LLC. The acquisition marks the tenth transaction R&Q has completed in 2019, across five jurisdictions, underlining R&Q's continuing position as a market of choice for a broad range of legacy solutions."
Ends
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Notes to Editors:
About R&Q
The overall mission of the Bermuda based Group is to:
·; Generate profits and capital extractions from expert management of legacy non-life insurance acquisitions/reinsurances, including in Lloyd's; and
·; Grow commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.
Our aim is to continue to grow sustainable profit streams to support our business model and increase book value and cash distributions to shareholders.
The Group was founded by Ken Randall and Alan Quilter in 1991.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
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